Recently, Finance Minister Muhammad Aurangzeb conducted a virtual meeting with officials from a global rating agency to discuss Pakistan’s economy and the successful agreement with the International Monetary Fund (IMF). Fitch Ratings, a subsidiary of Fitch credit ratings firm, provided insight into emerging trends in Pakistan while cautioning about potential political turbulence impacting the economy.
Mr. Aurangzeb highlighted Pakistan’s successful completion of a Staff-Level Agreement with the IMF, focusing on improving macroeconomic indicators. He outlined ambitious fiscal measures and targets, including increasing tax revenues and achieving a primary surplus of 1% of GDP in FY25. Additionally, he mentioned significant progress in tax collection, IT exports crossing $3bn, and improvements in remittances and foreign exchange reserves.
The meeting also discussed ongoing reforms in the energy sector and state-owned enterprises, emphasizing privatization and operational improvements. The committee also made decisions regarding categorizing strategic state-owned enterprises and exploring public-private partnerships for certain entities.
Overall, the discussions highlighted the government’s commitment to economic reforms and improving governance in key sectors.
Published in Dawn, July 23rd, 2024
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